A rise in net new business helped the Channel Islands subsidiary of AIM listed investment management group, Brooks Macdonald, to record a positive performance for the third quarter of its financial year – ending 31 March 2019. This is according to figures recently published by the Group on 25 April 2019.
Figures announced by Brooks Macdonald as part of its Quarterly Announcement of Funds Under Management (FUM) show that Brooks Macdonald International, which has offices in Jersey and Guernsey, closed the quarter with £1.6bn in FUM, an increase of 3.9% over the quarter.
This was driven by a rise in net new business (+£14m), as well as a strong quarterly investment performance that added £45m.
As a whole, the Group recorded total FUM of £12.8bn, an increase of 7.9% on the prior quarter, driven by net new business (+£166m) and investment performance (+£773m).
Commenting on the results, Andrew Shepherd, CEO, International, Brooks Macdonald, said:
“We have continued to perform well overall as a Group and I’m pleased that our International business in Jersey and Guernsey also reflects this,with positive net new business and strong investment performance. Following the changes we announced in March, we remain focused on the future growth of the business in the Channel Islands and, looking ahead, we continue to see a strong pipeline of activity as a result of our efforts in overseas markets, in particular the Middle East and South Africa.”